Owning rental property can be a good investment, until it isn’t. Late-night repair calls, tenants who stop paying, turnovers that eat a month’s rent, code inspections, rising insurance costs: it adds up. If you’re a landlord in Philadelphia, the suburbs, or South Jersey who’s ready to be done, selling your rental as-is might be the cleanest way out.
As Is Home Buyers, based at 1110 Pine St in Philadelphia, buys rental properties occupied or vacant, in any condition. Here’s how it works and what to think about before you sell.
Signs it might be time to sell
- Your tenants are behind on rent, and resolving it feels endless
- The property needs major repairs you don’t want to fund
- Turnovers keep costing you time and money
- You inherited a rental and never wanted to be a landlord
- City rules and inspections feel like a second job
- You’d rather put the money somewhere less stressful
There’s no shame in deciding you’re done.
Selling with tenants in place
You don’t have to empty the property before selling to us. In general:
- Existing leases usually stay in effect after a sale. The new owner steps into the landlord’s role under the lease.
- Security deposits and lease information are typically transferred to the buyer at closing.
- Month-to-month tenants may be handled differently from tenants on a fixed-term lease. An attorney can explain your obligations.
- We’ll be respectful. We’ll coordinate the walkthrough with proper notice to your tenants.
If you’re thinking about getting a tenant out before selling, talk to a landlord-tenant attorney first. Pennsylvania and Philadelphia have specific rules, and doing it wrong can cost you more than it saves.
Philadelphia landlord rules worth knowing
Philadelphia has its own requirements on top of state law, including:
- Rental licenses issued through the Department of Licenses and Inspections (L&I)
- Lead-safe or lead-free certification requirements for many older rental properties
- The Eviction Diversion Program, which landlords have been required to go through before filing many eviction cases. Check phila.gov for current rules.
- Code enforcement for open violations, which can complicate a traditional sale
Falling behind on any of these doesn’t necessarily stop a sale to us. We factor open violations and repairs into our offer.
Why sell to a direct buyer instead of listing?
Listing a tenant-occupied rental can be tricky. Showings need tenant cooperation, financed buyers often want the property vacant, and inspections can turn up issues you’re asked to fix. Selling directly to us means:
- No showings to coordinate with tenants
- No repairs, from minor fixes to major systems
- No need to vacate the property first
- No commissions, and your offer will spell out in writing which closing costs we cover
- A closing date you choose. We can often close in as little as a couple of weeks, or on your timeline.
If your rental is in great shape and vacant, listing it may get you more. We’ll be honest about that.
Rental properties we buy
- Single-family rowhomes and twins across Philadelphia, including Kensington, Frankford, Olney, West Philadelphia, Southwest Philadelphia, and South Philadelphia
- Small multi-units and duplexes in neighborhoods like Germantown, Logan, and Northeast Philadelphia
- Rentals in Delaware County, including Upper Darby, Chester, Darby, and Lansdowne
- Suburban rentals in Montgomery, Bucks, and Chester Counties, and in South Jersey
- Mixed-use buildings with storefronts and apartments (see commercial and warehouse properties)
How it works
- Call (215) 515-0702 or fill out the form with the property address and a quick rundown.
- Walkthrough. We’ll schedule a visit with proper notice to your tenants, or start from photos and your rent roll.
- Written cash offer. No obligation.
- Closing. A title company handles settlement, leases and deposits are transferred, and you’re done being a landlord for that property.
Full details are on our How It Works page.
Frequently Asked Questions
Will you buy my rental if the tenants aren’t paying rent?
Yes. We’ll talk through the situation and factor it into our offer. For legal questions about the tenancy, talk to a landlord-tenant attorney.
Do I need to tell my tenants I’m selling?
You’ll need to give proper notice before any walkthrough, and your lease may have other terms about access. Being open with tenants usually makes everything smoother. An attorney can advise on specifics.
Can you buy several rental properties at once?
We’re happy to look at more than one property together and give you an offer on each.
What about the security deposits I’m holding?
Deposits are generally transferred to the new owner at closing. The title company handles this on the settlement statement.
Will I owe capital gains tax on the sale?
Possibly, plus depreciation recapture on a rental. Some investors look at a 1031 exchange to defer tax. Talk to a tax professional before you sell.
Ready to step back from being a landlord?
If you’re done managing a rental, call (215) 515-0702, email info@asishomebuyersphilly.com, or request an offer on our Sell My House Fast page. We’ll give you an honest, no-obligation offer, tenants and all.
As Is Home Buyers · 1110 Pine St, Philadelphia · (215) 515-0702 · info@asishomebuyersphilly.com · See or leave a Google review
